Tag: OIL PRODUCTION

OPEC production falls for the first time since July

OPEC’s oil production fell in November, marking the first monthly decline since July, according to a Reuters survey, due to lower shipments from Nigeria and Iraq amid ongoing cuts by Saudi Arabia and other members

Saudi Arabia says OPEC+ cuts could continue after March if necessary

The oil production cuts by OPEC+ can “absolutely” continue beyond the first quarter of 2024 if necessary, said Saudi Energy Minister, Prince Abdulaziz bin Salman

‘Stating that oil must remain underground will lead to energy chaos’

The Secretary-General of OPEC, Haitham al-Ghais, said during a panel discussion at the COP28 climate summit in Dubai that stating that oil has to remain underground will not lead to an energy transition but to energy chaos

OPEC+ agrees on voluntary production cuts and invites Brazil to join

OPEC+ members reached an agreement to voluntarily cut their oil production by around 2.2 million barrels per day (bpd) at the beginning of next year, led by Saudi Arabia, which will extend its current voluntary reduction

EIA: US crude output reaches monthly record in August

U.S. field production of crude oil rose to a new monthly record in August at 13.05 million barrels per day, the Energy Information Administration said

Argentina achieves record production driven by Vaca Muerta

Argentina achieved a record oil production in September, thanks to the boost from the massive unconventional hydrocarbon formation of Vaca Muerta in the southwest of the country, according to official sources

Kremlin: no plans to raise crude oil supply to offset fuel export ban

Russia has not discussed with the OPEC+ group of leading oil producers a possible crude oil supply increase to compensate for Russia’s fuel exports ban, the Kremlin said

Saudi Arabia’s crude exports drop to two-year low in July

Crude exports from the world’s largest oil exporter fell to 6.01 million barrels per day (bpd) in July, down about 11.6% from the previous month’s 6.8 million bpd and the lowest since June 2021

G7 shelves regular Russian oil cap reviews as prices soar

The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, even though most Russian crude is trading above the limit because of a rally in global crude prices

Saudi Arabia, Russia extend voluntary oil cuts to year-end

Saudi Arabia and Russia agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices